QuickView: Jacobson acquisition propels US business
Norbert Dentressangle announced robust H114 results, but more importantly, in our view, its strategic acquisition of Jacobson Companies, the #5 contract logistics provider in the US. Norbert will pay an initial $750m with an additional capped earn-out based on performance, equivalent to a purchase multiple of 9x EBITDA. Jacobson provides access to the faster-growing US third-party logistics market through nationwide coverage, adding some $800m of revenue at a higher than group margin, with an asset-light model. The deal propels the US to Norbert’s third largest market, accounting for some 14% of revenues and providing further international diversification and revenue synergy opportunities.
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